Illinois Governor JB Pritzker is calling for swift action in response to State Farm’s planned 27.2% increase in homeowners’ insurance rates across the state. In a statement Thursday, Pritzker accused the company of unfairly shifting out-of-state disaster costs onto Illinois residents, saying the rate hike lacks a state-based justification and contradicts findings from the Illinois Department of Insurance.
Pritzker said additional changes, like higher deductibles and lower payouts, could burden homeowners by hundreds of dollars annually without offering stronger coverage. He directed the Department of Insurance to use every regulatory tool available and urged the General Assembly to pass legislation during the upcoming veto session to prevent what he described as “severe and unnecessary rate hikes.”
